LICHFL vs VISHAL ANTAL AND ORS on 28 October 2026

**FINAL ORDER**

This original application has been filed by the applicant FI on 14.08.2019 before DRT-III Delhi then transferred to DRT-I Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the respondents for recovery of a sum of Rs.60,21,269.27 (Rupees Sixty Lacs Twenty One Thousand Two Hundred Sixty Nine and paisa Twenty Seven only) as on 31.07.2019 along with pendentelite Sd- and future interest @14.20% per annum with monthly rest from 01.08.2019 with costs.

2. The brief facts of the case are that at the request of respondents no.1, the applicant FI sanctioned Housing Loan of Rs.56.50 lacs (Rupees Fifty Six Lacs Fifty Thousand only) under Home Loan scheme on 20.08.2015 with interest @9.90% per annum to be repayable in 240 EMI of Rs.54,150/- to purchase under construction Flat no. 1312, 13^th Floor, Block A, Piyush Horizon, Sector-1, NH-8, Dharuhera, Haryana measuring 1603 sq.ft. to be constructed by respondent no.2 who is the developer, owner of land and promoter of property in question.

3. That in order to avail the housing loan facility, the respondent no.1 submitted loan application and executed Loan Agreement, Agreement to Mortgage, Affidavit cum Undertaking, Power of Attorney, Undertaking, Letter to Builder, Letter to LICHFL by Builder and Tripartite Agreement dated 29.09.2015 with applicant FI.

4. As per Tripartite Agreement dated 29.09.2015, the respondent no.2 giving permission to mortgage the flat and also executed Apartment Buyer Agreement with respondent no.1 which was duly deposited with applicant to create equitable mortgage to secure the loan facility. The respondent no.2 also agree to inform the progress of the project and share all the information and further not to transfer or give possession to respondent no.1 without press written consent of the applicant. The respondent no.2 agreed to mark lien on the flat of applicant and obtain written consent before giving the possession of the flat and execution of title deed in favour of respondent no.1. The respondent no.2 also assured that Sd- property is free from all encumbrances and have all rights to sell the property.

5. It has been submitted by the applicant FI that in order to secure the aforesaid loan facility, the respondent No.1 mortgaged the Flat no. 1312, 13^th Floor, Block A, Piyush Horizon, Sector-1, NH-8, Dharuhera, Haryana measuring 1603 sq.ft. as per permission given by respondent no.2 in favour of the applicant FI by depositing builder buyers agreement and tripartite agreement.

6. It has been submitted by the applicant FI that after availing the housing loan facility, the respondents failed to comply with the terms and conditions and despite of several requests and reminders, the respondents failed to pay the overdue EMI amount to the applicant FI. Ultimately, the applicant FI issued legal notice on 15.06.2019 calling upon the respondents to pay the entire outstanding dues and also requested respondent no.2 to cancel the flat booking and deposit the sale proceed with applicant but the respondents did not clear the dues of the applicant FI and did not reply nor comply the same. Hence the applicant FI has approached this Tribunal for recovery of their dues.

7. Notices of this O.A. were issued to the respondents and despite of proper service, the respondents have chosen to absent from the proceedings. As per order dated 13.06.2022, the respondent no.2 has been proceeded ex-parte and vide order dated 14.05.2026, all the respondents have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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8. In order to prove its case, the applicant FI has filed its evidence by way of affidavit of Shri Pankaj Sharma, authorized representative of the Applicant FI who has proved the documents as Authority Letter Ex.AW1/1, Sanction Letter Ex.AW1/2, Letter of Permission Ex.AW1/3, Flat Buyer Agreement Ex.AW1/4, Loan Agreement Ex.AW1/5, Affidavit cum Undertaking Ex.AW1/6, Power of Attorney Ex.AW1/7, Agreement to Mortgage Ex.AW1/8, Undertaking Ex.AW1/9, Letter to LICHFL Ex.AW1/10, Letter to Builder Ex.AW1/11, Tripartite Agreement Ex.AW1/12, Legal Notice Ex.AW1/13, Postal Receipts Ex.AW1/14(Colly), Statement of account Ex.AW1/15, Certificate Ex.AW1/16.

9. The applicant FI has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant FI is based on the documents and the same have been duly approved.

10. The case filed by the applicant FI gone unrebuted and there is no question of disbelieving the case of the applicant FI has proved its case beyond reasonable doubts.

11. In the light of the above discussions, the Original Application deserves to be allowed.

**ORDER**

I, allow this OA and direct the respondents to pay to the applicant FI, jointly or severally, within a period of 30 days, a sum of Rs.60,21,269.27 (Rupees Sixty Lacs Twenty One Thousand Two Hundred Sixty Nine and paisa Twenty Seven only) as on 31.07.2019 together with future interest @14.20% per annum from 01.08.2019 till the date of realization; failing *sd-*

which the aforesaid amount shall be recovered from the sale of mortgaged Flat no. 1312, 13^th Floor, Block A, Piyush Horizon, Sector-1, NH-8, Dharuhera, Haryana measuring 1603 sq.ft. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the respondents.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 28.12.2026.

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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**(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court)

Dated: 28.10.2026